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nurag Kamasamudram and Mayuri Gupta, Ballard renters, started their home search casually this fall, hoping to get a feel for the market before hiring an agent in the spring. However, they quickly encountered problems when agents representing sellers seemed hesitant to share information about properties until they had their own broker. This experience is part of a growing trend in Seattle real estate: shoppers wondering if they can search for and tour homes without a real estate broker.
Several factors are contributing to this shift. A high-profile legal case involving the National Association of Realtors drew attention to how agents are paid, making some consumers wonder if they can save money on the homebuying process. Additionally, a new state law requires agents to sign written agreements with buyers early in the search, spooking some shoppers who are searching casually or worried about committing to an agent.
The rise of listing sites like Zillow and Redfin has left some shoppers feeling equipped to find their next home with little more than a laptop or cellphone. However, going it alone comes with risks, including sellers being hesitant to work with unrepresented buyers and the complexity of the purchase process.
While data is limited, anecdotal information suggests that most buyers still use agents, but the number of unrepresented shoppers has increased. Some real estate brokers report receiving few written offers from unrepresented buyers but hearing more from them as they shop. Buyers can ask to sign nonexclusive agreements or seek short time frames for the agreement, which can help them feel more comfortable signing a longer-term deal.
The new state law requiring agents to sign written agreements with buyers has launched conversations about the specifics of a buyer's relationship with their agent. While some details may vary among different brokerages, the most common form in Seattle is relatively straightforward and consumer-friendly. However, signing on with an agent so quickly can be intimidating, and buyers should ask questions before committing.
Some homebuyers wonder if they can save money by doing it themselves, but real estate agents argue that their expertise is invaluable in navigating the complex process. Agents say they can put together a more competitive deal and help protect buyers in the inspection and financing process. While online listing sites provide extensive information about homes, there's more to a house than just pictures and marketing remarks.
Buyers who've been through the process before or investors may have an easier time doing it alone, but working with an attorney instead of an agent can be tricky and complex. If buyers do opt to hire an agent, they should shop around to find a good fit, looking for agents with specific knowledge in their area and asking for references from past clients.
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